Heineken in warning over tough market August 24, 2011 HEINEKEN shares dived yesterday after its issued a warning that weak consumer sentiment and a damp summer would wipe out profit growth this year. Its stock was driven down by as much as 16 per cent to a 21-month low at one stage and the bleak statement sent shockwaves across the drinks industry. The firm [...]
Tesco Bank’s director quits August 24, 2011 TESCO director Andrew Higginson is quitting the company in a year’s time – leaving a hole in its plans to expand its banking services. Higginson led the retailer’s move into banking and was at the heart of the company’s strategy under former chief executive Sir Terry Leahy. He was also seen as contender to succeed [...]
WH Smith travel boss to retire after 34-year stint August 24, 2011 SIMON Marinker, managing director of WH Smith’s travel business division, is to retire after 34 years, the company said yesterday. The travel arm generates roughly half of the group’s profits through outlets in airports and stations across the globe. WH Smith praised Marinker for providing “years of outstanding service” and said he would remain involved [...]
Accord is upbeat on bookings August 24, 2011 ACCOR, Europe’s largest hotel group, said it remained “watchful” but reassured investors it had not seen any impact of global recession fears on September bookings, lifting its shares as much as four per cent. Accor, the world’s fourth-largest hotel group, also posted a 27.5 per cent rise in first-half earnings before interest and taxes to [...]
Kesa repeats its pledge to get Comet back on track as chief exec’s pay drops August 24, 2011 ELECTRICALS retailer Kesa yesterday pledged to turn its struggling Comet business around in its annual report. Chairman David Newlands gave a scathing account of the business, which is living in the shadow of Kesa’s better performing French chain Darty. Newlands said: “Comet’s recent results have been neither satisfactory nor acceptable. “As a result, changes to [...]
Diageo gets green light for Mey Içki and Halico August 24, 2011 DIAGEO yesterday announced that it has received regulatory clearance for the £1.3bn acquisition of Mey Içki, the leading spirits company in Turkey. The Turkish Competition Authority clearance is conditional upon the disposal of the Mey Içki brands Hare liqueur and Maestro – deals that Diageo is confident will be completed within the current financial year. [...]
AMERICAN EAGLE EARNINGS FLY LOWER August 24, 2011 TEEN clothing retailer American Eagle Outfitters has seen its earnings drop in the second quarter, with higher costs also squeezing margins. Income from continuing operations fell to $19.67m (£11.9m) or $0.10 per share from $25.84m or $0.13 per share in the year-ago period.
CITY MOVES | WHO’S SWITCHING JOBS August 24, 2011 Neuberger Berman The independent asset management firm has appointed Joseph Mukungu to the newly created role of senior vice president, head of client services for Europe and Middle East. Mukungu will manage the team based in Europe responsible for advising Neuberger Berman’s expanding client base outside the US. Mukungu joins from JO Hambro Capital Management, [...]
BEST OF THE BROKERS August 24, 2011 CENTAMIN EGYPT Canaccord rates the Egypt-focused mineral explorer as a “buy” and lowers its target price to 150p. The broker has updated its estimates for Centamin following second quarter results, reducing production estimates by 22, 19 and seven per cent in 2011, 2012 and 2013, but still expects around 39 per cent average annual production [...]
Miners and energy firms push FTSE to week’s highest close August 24, 2011 Strong miners and energy stocks helped drive Britain’s top share index to its highest close in a week yesterday in choppy trade as investors jostled for position ahead of a speech by Federal Reserve Chairman Ben Bernanke on Friday. Traders pointed to continued speculation that the Fed could unveil a further round of US quantitative [...]
